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"This paper examines the movements of the Distance to Default (DD), a market-based measure of corporate default risk, of eight failed Japanese banks in order to evaluate the predictive power of the DD measure for bank failures. The DD became smaller in anticipation of failure in many cases. The...
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"The paper aims at explaining why the Bank of Japan has not adopted inflation targeting, despite calls for such a … policy. Disclosed minutes of the Monetary Policy Meetings of the Bank of Japan, after March 1998, as well as Speeches by its … members give clues to changing reasons against inflation targeting. Inflation targeting was not adopted in Japan in the early …
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